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Slumping Instrument Sales Drag Thermo Fisher Revenues Down 8 Percent in Q2

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Thermo Fisher Scientific said today that revenues for its Analytical Technologies segment, which houses its mass spectrometers, dipped 14 percent for the second quarter, year over year.

For the three months ended June 27, Analytical Technologies receipts totaled $1 billion, down from $1.16 billion in the year-ago period.

The company's total receipts declined 8 percent to $2.48 billion for the quarter from $2.71 billion in the second quarter of 2008. The effects of foreign currency drove down revenues 4 percent, the company said.

In a statement, Marijn Dekkers, president and CEO of Thermo Fisher, said that economic pressures continued to tamp down spending for instruments and equipment while sales of consumables increased during the quarter.

"Although economic conditions remain difficult, we are pleased to report that our operating performance significantly improved over the first quarter of 2009," when the firm reported a 12 percent contraction in revenues year-over year, to $2.26 billion, compared to $2.55 billion.

Net income for the quarter slipped 16 percent to $206.9 million from $246.1 million a year ago. R&D spending was at $58.1 million. As of June 27, Thermo Fisher Scientific had $1.4 billion in cash and cash equivalents, it said.

The company also raised its revenue guidance for 2009 to between $9.8 billion and $10.1 billion due to a more favorable foreign exchange climate and the company's purchase in April of Biolab, a laboratory supply channel in Australia and New Zealand.

During the first quarter, the company provided full-year revenue guidance in the range of $9.6 billion to $9.9 billion.

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